GreenAcreage Real Estate Corp., a recently formed net-lease REIT that intends to provide sale-leaseback and build-to-suit transactions to the regulated cannabis industry, has completed a private placement offering of 7,060,150 shares of its common stock for aggregate gross proceeds of approximately $141 million.
GreenAcreage is an independently managed REIT led by CEO Katie Barthmaier, president David Carroll, chairman Gordon DuGan, COO Wilson Pringle, and CIO Jeff Lefleur. Together the senior management team combines decades of net lease and public company REIT experience.
GreenAcreage benefits from a strategic relationship with Acreage Holdings, one of the largest multi-state operators in the industry. Acreage has provided GreenAcreage with an initial pipeline of properties for sale and leaseback and a right of first offer until May 31, 2022, for future real estate properties and development projects. GreenAcreage intends to provide Acreage and other leading cannabis operators with access to long-term capital to fund their growth and expansion plans.
